Billion-Dollar Goldman Sachs FA Flees in Surprising Move

A veteran Goldman Sachs financial advisor has left the firm to launch his own independent wealth management practice, Aaron Wealth Advisors, according to a press release from the new firm.

Gary Hirschberg had been a vice president and private wealth advisor at Goldman Sachs since 2006, according to the press release. Hirschberg previously oversaw $1.4 billion for individual investors and institutions at Goldman Sachs, Aaron Wealth says.

He will serve as the new firm’s CEO and is joined by David VanFossen from BMO Harris, who’ll serve as chief operation and chief compliance officer; Bill Andrakakos from Northern Trust and Deutsche Bank, who’ll serve as director of investments; and Georgette Condos from Morgan Stanley, who’ll serve as director of client service and experience, according to Aaron Wealth.

“After a due diligence process over many months, I realized the world of independent wealth management had changed significantly,” Hirschberg says in the press release. “The wealth management technology was now stellar, access to diverse investment options and research in the independent space had exploded, and it was very attractive to have the flexibility to run a brand free of institutional constraints.”

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Aaron Wealth has partnered with Dynasty Financial Partners for technology and capital support, with Schwab as its custodian and with Addepar for reporting, according to the press release. Aaron is currently based in Chicago but has plans to invest in an Indianapolis office in 2019.